Firsthand Technology Value Fund Announces Plan To Seek Stockholder Approval To Withdraw BDC Election And Pursue Liquidation
Portfolio Pulse from Benzinga Newsdesk
Firsthand Technology Value Fund, Inc. (NASDAQ:SVVC) has announced plans to seek stockholder approval to withdraw its BDC election and pursue liquidation. The company has suffered material setbacks on two of its largest holdings, which could reduce the asset value of the Fund to a level below its accrued liabilities. The Board and Firsthand Capital Management have agreed to take actions to maintain a positive net asset value per share.
October 13, 2023 | 8:16 pm
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Firsthand Technology Value Fund's plan to withdraw its BDC election and pursue liquidation, along with setbacks on major holdings, could negatively impact its stock price.
The company's announcement of plans to withdraw its BDC election and pursue liquidation, coupled with material setbacks on two of its largest holdings, could lead to a decrease in its stock price. The potential reduction of the Fund's asset value to a level below its accrued liabilities is a significant concern for investors.
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